Samsung C&T desires to invest in Pakistan
- January 23, 2014, 7:42 pm
- Science & Technology News
- 295 Views
ISLAMABAD, Jan 23 (Online): Samsung C&T Corporation’s Trading & Investment Group desires to participate in the field of energy and environment that are likely to serve as drivers for future growth of Pakistan.
General Manager of Samsung C&T Joonwoo Choi stated this during a meeting with Chairman Board of Investment, Dr. Miftah Ismail and Acting Secretary BOI, Ian Afzal Cheema to discuss new investment prospects in Pakistan.
SAPM/Chairman BOI said that South Korean companies are contributing to the various projects in Pakistan like K-Water is currently executing the 147 MW Patrind Hydro Power Project on river Kunhar (a dual Boundary Project) in AJK and KPK.
Similarly the 84 MW New Bong Hydro Power Project is about 8 kms downstream of the 1,000 MW Mangla Dam in the AJ&K. Sambu Construction Co Ltd, Korea was the EPC Contractor and Hyundai Engineering, Korea were the water-to-wire electromechanical equipment supplier and design engineer.
Joonwoo Choi apprised that the company is one of the world’s finest construction & engineering companies and interested to invest in the construction of Malakand Tunnel.
The Honorary Investment Councilor of BOI, Feroz Shah proposed that to provide the cheap transport facilities to the people, the company may also be offered to make the automobile rikshaws more fuel efficient.
For the purpose, the Samsung Company can manufacture the electric batteries to convert the CNG rikshaws with these batteries. The same battery rikshaws are already working in Manila with the same technology manufactured by the company.
The key areas of interest are wind power, bio-energy and other renewable energy sources.
The SAPM/Chairman, BOI highlight the Pakistan Power Demand and Supply scenario and said that the Current Demand of the country is 19,000 MW while Current Supply is 14-15,000 MW. Pakistan needs aggressive investors to cover the Gap of 5-6,000 MW. The renewable energy may also be another source to bridge the gap between demand and supply of power in the country, he added.
The Chairman, BOI also talked about the investment incentives like 100% equity allowed and 100 per cent repatriation of capital, profits, royalty etc allowed, no sales tax and withholding tax on import of machinery and complete protection on investment (foreign private investment act 1976) to the local and foreign investors.
The Chairman BOI also invited Samsung C&T to open a liaison office in Pakistan for pursuing their future interests in various sector.
